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- 2023 Issued Standard – IAS 34
The 2023 Issued Standards include all amendments issued up to and including 1 January 2023.
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Summary
IAS 34 prescribes the minimum content for an interim financial report and the principles for recognition and measurement in such reports. It does not, however, mandate which companies should publish an interim report, how frequently or how soon after the end of an interim period.
Condensed versions of the main financial statements are required within an interim report, along with selected explanatory notes. Guidance is given within the standard for the measurement of items such as revenues affected by seasonality and income taxes.
Current proposals
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ED/2019/7 General Presentation and Disclosures
ED/2019/7 General Presentation and Disclosures was issued in December 2019. This is the exposure draft of a proposed new standard that would replace IAS 1. The standard would carry forward most of the current requirements of IAS 1 and add supplementary requirements, including a requirement to disclose unusual items and management performance measures. Consequential amendments to IAS 34 would reflect this.
Recent amendments
All amendments issued up to and including the publication date of 1 January 2022 are included within the IFRS Foundation’s latest version of the issued standard: 2022 Issued Standard – IAS 34. Issued amendments may, therefore, have a mandatory effective date that is later than 1 January 2022 – see below for details.
Any amendments issued after 1 January 2022 will not be included in the IFRS Foundation’s 2022 Issued Standards but will be listed below and identified as such.
See the Corporate Reporting Faculty’s annual IFRS factsheets for a more detailed discussion of recent IFRS amendments.
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Disclosure of Accounting Policies amendment to IAS 34
Mandatory date: Annual periods beginning on or after 1 January 2023. Earlier application is permitted.
Disclosure of Accounting Policies amends IAS 1 to require the disclosure of material accounting policy information. A consequential amendment to IAS 34 requires the disclosure of material accounting policy information rather than significant accounting policies in interim reports.
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Definition of Material amendment to IAS 34
Mandatory date: Annual periods beginning on or after 1 January 2020. Earlier application is permitted.
IAS 34 is amended to remove a definition of material and instead refer to the definition in IAS 1.
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Amendments to References to the Conceptual Framework in IFRS Standards – amendment to IAS 34
Mandatory date: Annual periods beginning on or after 1 January 2020. Earlier application is permitted.
IAS 34 is amended to refer to the requirements of the 2018 Conceptual Framework rather than the Framework in the context of the recognition of elements of the financial statements.
Related IFRIC interpretations
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